COLOMBO: The International Monetary Fund (IMF) has praised Sri Lanka's efforts to stabilise its economy, according to a news release issued by the Sri Lankan Finance Ministry on Tuesday.

According to reports, Finance Minister Ali Sabry met IMF Managing Director Kristalina Georgieva on Monday at the IMF headquarters.

Sri Lanka's Treasury Secretary, Mahinda Siriwardana, announced on Monday that the country will take actions to stabilise the economy, including improving public finances.

According to the press release, the International Monetary Fund has pledged its full support, and a favourable answer has been received to speed up the process of strengthening Sri Lanka's assistance. Sabry also requested a Rapid Financing Instrument (RFI), and the IMF informed him that India had made similar requests on Sri Lanka's behalf.

Last Monday, the Sri Lankan government resolved to halt all debt repayments for the time being, pending the completion of an orderly and consensual debt restructuring package backed by the IMF.

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